Wicklow house price rises expected to slow amidst Brexit uncertainty

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A survey by the Real Estate Alliance (REA) suggests the average price of a three-bed semi in County Wicklow will increase just 4.6% this year.

This follows the 8.3% rise (to €291,000) seen in 2018 according to REA’s survey of actual sale prices.

Simon Murphy of REA Murphy in Baltinglass and Blessington says that “a negative Brexit may see a stagnation or fall in values.”

The likelihood of a “no-deal” Brexit scenario – Britain leaving the European Union without a deal on March 29 – increased this week following a defeat for Theresa May’s Brexit divorce deal on Tuesday.

It is unclear what impact Brexit may have on prices of apartments in County Wicklow. Last year, list prices for one-bed units jumped 17% locally according to daft.ie’s House Price Report.

“Quarter four of 2018 improved on quarter three in Wicklow Town,” said Matt Forkin of REA Forkin in Wicklow Town and Bray. “More property is selling, but there is less multiple bidding. The stock shortages seen in quarter three and quarter four, 2018, will hopefully ease with a number of upcoming new developments.”

Overall, sale prices nationwide have increased 50% in recent years according to daft.ie. Their latest report indicates Wicklow is the fourth most expensive area to buy a home (€334,000), behind only South Co. Dublin (€591,000), South Dublin City (€407,000), and North Dublin City (€338,000).

The daft.ie report’s author, Ronan Lyons, writes that there remains a “mismatch between strong demand and weak supply”.

Nationwide, three quarters of an estimated 18,000 homes built last year were estate housing in the form of 3 and 4-bed units.

“Comparing the country’s housing stock with its people, the country does not need any more three- and four-bedroom family homes. What it needs instead is homes for one- and two-person households, especially in urban areas – i.e. apartments.”